US housing starts rise year‑over‑year in April as multifamily construction accelerates

April 2024 U.S. housing starts fell 2.8% from March but exceeded consensus forecasts, indicating builder caution amid ongoing activity. The annual rate of new construction rose 4.6% to 1.465 million units. Single‑family starts dropped 9% month‑over‑month and 2.4% year‑over‑year, reaching 930 000 homes, while multifamily starts surged 14.3% month‑over‑month and 23.3% year‑over‑year to 529 000 units. Housing permits increased 5.8% month‑over‑month to 1.442 million, with multifamily permits up 22.7% and single‑family permits slipping to their lowest level since summer 2025. First American Deputy Chief Economist Odeta Kushi noted the market “remains active enough to avoid signaling outright weakness, but cautious enough to reflect ongoing affordability pressures and weak builder confidence.” New‑home inventory also declined 4.6% from a year earlier.